Does anyone really make money off of the Forex? - Page 20
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  1. #191
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    Quote Originally Posted by sman1109 View Post
    FOREX claims the lively hoods of the common man, most people who start businesses don't risk most of their net worth.

    FOREX isn't a business, its an investment vehicle, and people get swindled into falling for the scam, making big investments an lose all their money.

    50 to 1 leverage is still not appropriate, do the big banks use 50 to 1 leverage? Most professional traders that work for big finance industries would be scolded if they use any more than 10 to 1 leverage. Why is okay for retail FOREX traders to use 50 to 1 leverage?

    Because its easier for the rich to exploit newer traders, from the brokers to the stop hunters, to the big movers and shakers in the market, they all profit when we use 50 to 1 leverage.
    Yeah i completely agree with sman1109

  2. #192
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    Quote Originally Posted by sman1109 View Post
    FOREX claims the lively hoods of the common man, most people who start businesses don't risk most of their net worth.

    FOREX isn't a business, its an investment vehicle, and people get swindled into falling for the scam, making big investments an lose all their money.

    50 to 1 leverage is still not appropriate, do the big banks use 50 to 1 leverage? Most professional traders that work for big finance industries would be scolded if they use any more than 10 to 1 leverage. Why is okay for retail FOREX traders to use 50 to 1 leverage?

    Because its easier for the rich to exploit newer traders, from the brokers to the stop hunters, to the big movers and shakers in the market, they all profit when we use 50 to 1 leverage.
    So most people who start a small business don't risk most of their wealth? I'd argue that more people who start small businesses risk a lot more than new retail traders that usually start out with a small amount of money, so once again your argument is invalidated.

    Also, leverage is only a problem for people without self discipline. Your argument is the same argument that people use for anything they want to ban. It's a generic argument. "Ban it cause people could abuse it". Once again, last time I checked this was America. If you want less freedom move elsewhere, your heroes in Washington have already handicapped this country thoroughly enough.

    And frankly, all these restrictions and regulations have dumbed down America significantly. Look at the total lack of common sense we have today. People need to be told what to do, it is not intuitive. In my opinion this is setting people up for even larger failures.

    You are just saying the same thing, you have nothing new to add.

    You want less freedom, I want more.

    And frankly I don't want you to change your views. I want you to continue to embrace this protectionist, authoritarian, garbage that you have so desperately clung to ever since you stupidly sunk your life savings on a gambling binge.

    You suffered the consequences of your own actions. You knew the risks, you knew the dangers and your previous posts prove it: "I have a larger risk because I use the margin call to stop me out and sometimes one loss takes out a big chunk of my account still working on where you are in discipline."

    You didn't know how to trade, and you would have wasted even more time on forex since you were clueless as to what you were doing.

    I'm glad I haven't changed your mind, because you would bring a bad name to people that appreciate freedom.


    And I know you could care less about legal laws, but as mentioned earlier these regulations are not compliant with the Constitution whatsoever. I know you don't care, but you really should if you want to guarantee liberty.. Never mind. I just remembered you said you want less freedom, so the Constitution would run up against your lust for an authoritarian government.


    Also, if you want to be protected immediately from yourself, as mentioned numerous times before, BOOK A FLIGHT TO SOUTH KOREA AND RUN ACROSS THE BORDER TO NORTH KOREA.
    Last edited by jollygreenfello; 10-26-2012 at 12:01 AM.

  3. #193
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    Quote Originally Posted by sman1109 View Post
    FOREX claims the lively hoods of the common man, most people who start businesses don't risk most of their net worth.

    FOREX isn't a business, its an investment vehicle, and people get swindled into falling for the scam, making big investments an lose all their money.

    50 to 1 leverage is still not appropriate, do the big banks use 50 to 1 leverage? Most professional traders that work for big finance industries would be scolded if they use any more than 10 to 1 leverage. Why is okay for retail FOREX traders to use 50 to 1 leverage?

    Because its easier for the rich to exploit newer traders, from the brokers to the stop hunters, to the big movers and shakers in the market, they all profit when we use 50 to 1 leverage.
    That's a lie. My family had very little. We were a welfare family living in Flint. My dad didn't get his stuff straight until he was 38 years old, when he started his own business. He built his business from practically nothing, and now he's pretty successful.

    I know the ceo of my company started from the bottom, and was eventually able to get investors, and now is a major fortune 500 company.

    Nobody told you to risk most of your net worth. You did that on your own.

    It is none of your business to force people how they can lose their money. Maybe we should just shutdown casino's altogether. They tip the odds in their favor so they can take money from other people, who think they're going to hit it big. Yet there are people who actually put the odds in their favor and come out winning. Sound familiar?

    Take responsibility for your own actions, it's called being an adult.
    If you spend your life blaming other people for your failings, then you will forever be a failure.

  4. #194
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    Apr 2011
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    Quote Originally Posted by wigglez View Post
    We're still in a recession. It may not feel like it where you live, but believe me, the people in Michigan(where I'm from) know it.
    No doubt! I am trying not to get to political. I agree. In my opinion, and since we live in a Global world now days; many countries are unstable as far as economy goes. And since many of us have money in our 401 K's and for many of us that is all we have for retirement, it is at high risk of saying Bye Bye! I am not against the rich, I would like to achieve a better way of life myself, but the Rich have nothing to worry about. They don't need the Government to rely on, they have enough money where they don't have to depend on Social Security or Medicaid or Medicare. Us little guys have a tougher time and if our nest eggs tank we can't start over, it's to late by then. And I think a lot of people may be turning to Trading because there Brokers and funds aren't performing enough for them. Unfortunately many beginners or most will probably never achieve Pro Trader Status. Since 90 percent of traders fail.

  5. #195
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    The best market is a free market economy! Why should one decide for the best of society what should and should not be allowed. We all have our own reasons for choosing and making decisions, and therefore we all need to learn from our own mistakes. This is how you get your natural flow of successors and failures - on the other hand the law of averages would argue that in any economic system you will always end up with successors and failures...the same applies to trading - no government should protect you from what your most probably going to lose

  6. #196
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    Dec 2010
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    22
    Quote Originally Posted by sman1109 View Post
    FOREX claims the lively hoods of the common man, most people who start businesses don't risk most of their net worth.

    FOREX isn't a business, its an investment vehicle, and people get swindled into falling for the scam, making big investments an lose all their money.

    50 to 1 leverage is still not appropriate, do the big banks use 50 to 1 leverage? Most professional traders that work for big finance industries would be scolded if they use any more than 10 to 1 leverage. Why is okay for retail FOREX traders to use 50 to 1 leverage?

    Because its easier for the rich to exploit newer traders, from the brokers to the stop hunters, to the big movers and shakers in the market, they all profit when we use 50 to 1 leverage.
    What's wrong with Forex the way it is. I've made money in it and I'm far from rich (yet). The reason you think forex is a scam is because you lost your life savings in it? Maybe you shouldn't have risked your life savings. Anyone with sound investment knowledge knows this thing: never risk more than you can stand to lose. According to your logic casinos should be scams because people can walk into a casino and gamble their whole life savings. That makes no sense because no one told them to gamble their whole life savings.

  7. #197
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    Mar 2012
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    Quote Originally Posted by Pingback View Post
    No doubt! I am trying not to get to political. I agree. In my opinion, and since we live in a Global world now days; many countries are unstable as far as economy goes. And since many of us have money in our 401 K's and for many of us that is all we have for retirement, it is at high risk of saying Bye Bye! I am not against the rich, I would like to achieve a better way of life myself, but the Rich have nothing to worry about. They don't need the Government to rely on, they have enough money where they don't have to depend on Social Security or Medicaid or Medicare. Us little guys have a tougher time and if our nest eggs tank we can't start over, it's to late by then. And I think a lot of people may be turning to Trading because there Brokers and funds aren't performing enough for them. Unfortunately many beginners or most will probably never achieve Pro Trader Status. Since 90 percent of traders fail.
    I'll bet my 401k is a lot more reliable than social security, as long as the government doesn't wreck it. Heck they're saying social security won't be around by the time I get of retirement age.

    The government shouldn't be running much of anything. I don't know how much you've had to deal with government directly, but they are terribly inefficient.

    People fail at a lot of things, or they choose a different path later. How many people do you know that changed their majors in college, and then come out and not work in their field? Off the top of my head I can think of 3 people, and I'm a recluse

    Not too mention the massive debt they've accumulated, but that's another topic.

    I'm not sure what would happen to the rich. They'll probably be okay, you're right, but I do know the UN was toying with the idea of getting all the billionaires in the world, to help out everybody. A little home homework says that the worlds billionaires net worth is about 4.6 trillion. That's hardly a third of the U.S. debt.

    I think it was maybe 4 or 5 months ago I figured it out among the entire earth's population. If you were to take away everything from these billionaires and spread it out around the world. That would give each person on earth, about $700.

    4.6 trillion is a crap ton of money, but it doesn't scale like people think it does.

  8. #198
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    Quote Originally Posted by Jblack4083 View Post
    What's wrong with Forex the way it is. I've made money in it and I'm far from rich (yet). The reason you think forex is a scam is because you lost your life savings in it? Maybe you shouldn't have risked your life savings. Anyone with sound investment knowledge knows this thing: never risk more than you can stand to lose. According to your logic casinos should be scams because people can walk into a casino and gamble their whole life savings. That makes no sense because no one told them to gamble their whole life savings.
    I've mentioned the casino thing a couple times. He ignores it.

  9. #199
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    Quote Originally Posted by sman1109 View Post
    ... most people who start businesses don't risk most of their net worth.

    ...
    Seriously? You really believe this? Most people I know who have started a business have not risked MOST of their net worth, they've risked ALL of their net worth, plus added debt on top of that.

  10. #200
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    Apr 2012
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    Hello Traders,

    It should be noted the numbers '90%' of traders don't make money is not accurate. Industry wide studies are done on a quarterly basis and the numbers are anywhere from 23-45% of all account holders make money.

    Here are some stats and information on that below;
    US Forex Traders Profitability Report

    Hope this helps.

    In terms of traders making money trading forex, besides the information above, I do make money day - day out, run a boutique fund which has a 9year audited track record, and I share some of my trades, methods, models and ideas on a thread which you are welcome to check out at
    Forex Price Action

    I think the key thing is we can understand someone's skepticism about making money trading if they are not. But its important not to make 'our view' and experience a 'universal view and experience' about trading, and that it is certainly possible to make money trading. Depending upon how much work you are willing to do (internally, externally), your focus, efforts, and ability to remain aware while trading will determine your output. But it is a real thing and I know plenty of people doing it everyday.

    Anyways, good discussion chaps.

    Kind Regards,
    Chris

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